The United States and Ukraine have reached a deal providing access to the country’s rare earth minerals and other natural resources.

Axar.az reports that speaking at the White House on Tuesday, Trump confirmed earlier reports that he had reached an agreement with Ukrainian President Volodymyr Zelensky to develop his country’s natural resources.

“I hear that he is coming on Friday. Certainly, it’s OK with me if he would like to. And he would like to sign it together with me, and I understand that’s a big deal, a very big deal,” Trump told reporters at the Oval Office.

Trump said the deal could be worth $1 trillion and will ensure that American taxpayers “get their money back, plus”.

“We’re spending hundreds of billions of dollars on Russia and Ukraine fighting a war that should have never, ever happened.”

Asked what Kyiv would get in return, Trump cited aid worth $350bn that he has claimed has already been provided and “military equipment and the right to fight on”.

"We put in three times the money. We put in 300 billion. They put in 100 billion. And you know, Europe does it as a loan, too. Biden just gave the money. There was no loan. There was no collateral. There was nothing."

Previously, it was reported that the agreement would be worth 500 billion dollars. Zelensky, however, refused to sign the agreement due to the lack of security guarantees.